| RATING GAME (Nov 15-21) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Alcatel Sr. Unscd. | Ba1 | B1 |
| Alcatel N.V. Sr. Unscd. MTN | Ba1 | B1 |
| Avaya Inc. Sr. Scd. | Ba2 | B2 |
| Avaya Inc. Sr. Unscd. | Ba3 | B3 |
| GE Global Insurance Holding Corp. Sr. Unscd. | Aa1 | A1 |
| PerkinElmer Inc. Sr. Unscd. | Baa3 | Ba2 |
| Cable & Wireless Intl Finance B.V. | A3 | Baa2 |
| Cable & Wireless plc Sr. Unscd. | A3 | Baa2 |
| Corporate Property Investors Sr. Unscd. | Baa1 | Baa2 |
| Grupo Iusacell Celular S.A. de C.V. Sr. Unscd. | B3 | Ca |
| Grupo Iusacell S.A. de C.V. Sr. Unscd. | Caa2 | C |
| Shopping Center Associates Sr. Unscd. | Baa1 | Baa2 |
| Simon Pty Group Sr. Unscd. | Baa1 | Baa2 |
| Simon Pty Group Sr. Unscd. MTN | Baa1 | Baa2 |
| Simon Pty Group Backed Sr. Unscd. | Baa1 | Baa2 |
| Holey Performance Products Sr. Unscd. | Caa2 | Caa3 |
| Oakwood Homes Corp. Sr. Unscd. | Caa2 | C |
| Abitibi-Consolidated Co of Canada Backed Sr. Unscd. | Baa3 | Ba1 |
| Abitibi-Consolidated Finance Backed Sr. Unscd. | Baa3 | Ba1 |
| Abitibi-Consolidated Inc. Sr. Unscd. | Baa3 | Ba1 |
| Bowater Canada Finance Corp. Backed Sr. Unscd. | Baa3 | Ba1 |
| Bowater Inc. Sr. Unscd. | Baa3 | Ba1 |
| Donohue Forest Products Inc. Backed Sr. Unscd. | Baa3 | Ba1 |
| Pilkington plc Sr. Unscd. | Baa1 | Baa2 |
| Edison s.p.A Sr. Unscd. | Baa2 | Baa3 |
| Edison s.p.A Sr. Unscd. MTN | Baa2 | Baa3 |
| Edison Termoelettrica s.p.a Backed Sr.Unscd. | Baa2 | Baa3 |
| John Hancock Canadian Corp. Backed Sr. Unscd. | A2 | A3 |
| John Hancock Financial Services Sr. Unscd. | A2 | A3 |
| John Hancock Life Insurance Co. Sr. Unscd. | Aa3 | A1 |
| John Hancock Life Insurance Co. Sr. Unscd. MTN | Aa3 | A1 |
| Selm Holding Intl. S.A. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Tesoro Petroleum Corp. Sr. Sub. | B2 | B3 |
| CIGNA Corp. Sr. Unscd. | A3 | Baa1 |
| CIGNA Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Highwoods/Forsyth Properties L.P. Sr. Unscd. | Baa2 | Baa3 |
| Highwoods/Forsyth Properties L.P. Backed Sr. Unscd. | Baa2 | Baa3 |
| Presidential Life Corp. Sr. Unscd. | Ba1 | B1 |
| Upgrades | ||
| Congress Financial Capital Co. Backed Sr. Unscd. | A1 | Aa3 |
| CoreStates Capital Corp. Backed Sub. | A2 | A1 |
| First Fidelity Bancorporation Backed Sub. | A2 | A1 |
| Meridian Bank N.A. Backed Sub. | A1 | Aa3 |
| Money Store Backed Sr. Unscd. | A1 | Aa3 |
| Money Store Backed Sub. | A2 | A1 |
| South Carolina National Corp. Backed Sub. | A2 | A1 |
| Wachovia Bank N.A. Sr. Unscd. | Aa3 | Aa2 |
| Wachovia Bank N.A. Backed Sr. Unscd. | Aa3 | Aa2 |
| Wachovia Corp. Sr. Unscd. | A1 | Aa3 |
| Wachovia Corp. Sr. Unscd. MTN | A1 | Aa3 |
| Wachovia Corp. Sub. | A2 | A1 |
| Wachovia Corp. Sub. MTN | A2 | A1 |
| FITCH | ||
| Downgrades | ||
| Focal Communications Sr. Unscd. | CCC- | C |
| Fiat SpA Sr. Unscd. | BBB | BBB- |
| S.C. Johnson & Son Inc. Sr. Unscd. | A- | BBB+ |
| TXU Europe Ltd. Sr. Unscd. | C | D |
| Protection One Sr. Unscd. | B | CCC+ |
Rating Game (NOVEMBER 21 -- NOVEMBER 26)